Troy-based Talmer Bancorp Inc. (Nasdaq: TLMR) has priced its stock for today's initial public offering at $13. With an offering of more than 15.5 million shares, that would mean an IPO of about $202 million.

The company said in a news release before the market opened that about 3.7 million shares will be sold by the company and about 11.9 million shares will be sold by company insiders, which includes the New York private-equity firm of W.L. Ross & Co., the bank holding company's largest shareholder, which is headed by noted financier Wilbur Ross.

Talmer said it will net about $42.5 million after deducting commissions and offering expenses. The selling shareholders granted the underwriters a 30-day option to purchase up to 2.3 million more shares to cover overallotments, if needed.

Talmer is the third area company to go public in the last seven months. Detroit-based Covisint Corp. (Nasdaq: COVS), an IT company spun off from Compuware Corp. (Nasdaq: CPWR), went public in September, and Plymouth Township-based Esperion Therapeutics Inc. (Nasdaq: ESPR), a pharmaceutical company, went public in July.

On Jan. 31, the bank holding company for Talmer Bank and Trust said in a filing with the U.S. Securities and Exchange Commission that it planned to sell 15.6 million shares of stock at between $12.50 and $14.50 a share.

Crain's first reported Jan. 10 that Talmer planned an IPO; the company said proceeds would be to pay off some debt and for general business purposes.

In that filing, the bank said it would consider possible acquisitions and had been involved in talks with potential targets. The company is expected to expand its current operations in the Chicago market through acquisition.

Talmer was founded in 2007 as the single-branch, Troy-based First Michigan Bank. When it began its expansion in April 2010, it had $90 million in assets. That month, the bank bought the troubled Port Huron-based Citizens First Bank after it was shut down by federal regulators.

That was the beginning of a series of acquisitions of banks that were shut down or in bankruptcy, including Peoples State Bank of Madison Heights, Community Central Bank of Mt. Clemens and the First Banking Center of Burlington, Wis.

Following the Wisconsin acquisition in 2011 and with Illinois and Ohio in mind, First Michigan changed its name to Talmer. The name comes from a combination of the last name of Talmer President and CEO David Provost's grandfather, Talmage, and the last name of Chairman Gary Torgow's grandfather, Merzon.

In November 2012, Talmer bought First Place Bank of Warren, Ohio, which added $2.6 billion in assets. Last October, it bought the remaining assets of the long-troubled Capitol Bancorp Ltd. of Lansing in a federal bankruptcy proceeding, including the Bank of Las Vegas, Indiana Community Bank, Ann Arbor-based Michigan Commerce Bank and Sunrise Bank of Albuquerque, N.M.

As of Sept. 30, Talmer had assets of about $4.7 billion, total loans were about $2.9 billion, and total deposits were about $3.7 billion. The bank had net income of $21.7 million for the year ended Dec. 31, 2012, and $86 million for the nine months ended Sept. 30.

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